On the H4, with the price expected to bounce off the support of the Ichimoku cloud, we have a bias that the NZD/USD pair will rise to our 1st resistance at 0.69875 in line with the swing high resistance from our 1st support at 0.68752 in line with the horizontal overlap support, 50% Fibonacci retracement and 100% Fibonacci projection.
Alternatively, the price may break the 1st support structure and head for 2nd support at 0.68332 in line with the 138.2% Fibonacci extension and 61.8% Fibonacci retracement. Our bullish bias is further supported by the ascending trendline, signifying a bullish momentum. The sell trend is predicted to go down, and the reason for that is the 138.2% Fibonacci extension and 61.8% Fibonacci retracement.
